Vancouver, BC, September 12, 2016 -- Roughrider Exploration Limited (TSX-V: REL) ("Roughrider") today announced that on August 30, 2016, in a private transaction, it issued 1,969,828 common shares of Roughrider to Kivalliq Energy Corporation. With completion of this transaction, Roughrider now has less than $400,000 in exploration expenditures remaining to complete by August 31, 2017 before earning the initial 50% interest in the Genesis uranium property in northern Saskatchewan.
The 1,969,828 common shares were issued to Kivalliq pursuant to the Mining Option Agreement dated July 10, 2014, and the amendment to the Mining Option Agreement announced December 22, 2015, between Roughrider and Kivalliq related to the Genesis Property. The transaction represents approximately 7.54% of the issued and outstanding common shares of Roughrider. As a result, Kivalliq now has ownership of and control over 3,939,656 common shares of Roughrider, representing approximately 15.08% of Roughrider's issued and outstanding shares.
About Roughrider Exploration Limited
Roughrider's focus is exploring the 200,909 hectare (495,883 acre) Genesis uranium project located in the Wollaston-Mudjatik geological trend extending northeast from Saskatchewan's Athabasca Basin. Roughrider has the option to earn an 85% interest in Genesis from Kivalliq Energy Corporation.
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Chief Executive Officer
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.